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Create altcoin, include bitcoin in name.
spam network with lowfee transactions (because you collect them anyway)
Steal hashpower from bitcoin with broken EDA (causing massive inflation but no ones really paying attention)
Look bitcoin has high fees and is slow! Come to our coin!
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ightning Network would work far better in situations like this, where thousands of TX can happen very quick and almost for free.
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With the decline of bitcoin so drastic there may be a link in closing the bursa in china and the news in south korea but if according to my prediction all coins will return to normal including btc so no need to panic.  This situation is repeated every year. BTC will grow. It's unavoidable |
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When you get down to it, the crypto that gets called BTC is not unaffected from any fork. In fact the dev team splinters away to work on two similar but different pieces of software, each roughly equally distant in similarity to the pre-fork coin.
If there was a fork of BTC that retained all transaction history and added no new major features, wouldn't that be the thing to call Bitcoin? We know that it doesn't work that way -- rather than being a particular software it's instead just a name.
Exchanges and the community at large have to agree on what crypto they're actually going to sell as BTC. The adherence to the original software, in market terms, becomes irrelevant. In fact the software in its entirety becomes irrelevant. The only thing keeping BTC king is the internal politics of the dev team and its splintering, and agreements reached with exchanges.
If the whales truly understood that, they wouldn't be so consistently bullish every time a community splinter comes around. The fact is that buying BTC is no longer participating in the adoption of an innovative digital currency, with actual principles of operation, it is just buying a hollow brand name whose power isn't determined by merit or similarity to the original software, but to insider politics, a cacophony of perpetual dealings between devs, exchanges and whales.
Am I completely off the mark here? Did I misunderstand how the latest hard forks work?
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What does banning Bitcoin mean ? - Your country is closed to multi-million dollar exchange companies and thousands of related jobs. - Your country will not develop blockchain talent and will lag behind in that technology. - When you will think of reversing the policy you will be too late. - You create blackmarkets and pissed off attitude against government.
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FIAT is backed by gold, but Bitcoin is backed by fried chicken.
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The community is in shambles. No matter where you go, talk of bitcoin is full of anxiety, hate, vitriol and gnashing of teeth.
if I woke up tomorrow morning and bitcoin had lost 90% of it's value, I'd first be shocked and horrified, and then I'd realize that I can join another community that works together, has dreams of an amazing future in crypto and is always improving... I'd let out a sigh of enormous relief and just be happy that the nightmare was over.
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Bitcoin has become the currency of choice for cybercriminals. Its distinctive characteristics of decentralisation and pseudo-anonymity are also attractive to criminal actors in general, and yet Bitcoin has been assessed as representing only a low money laundering risk. In many respects, cryptocurrencies are still viewed as an unfamiliar, marginal phenomenon restricted to the purview of specialists. This article seeks: to demystify the Bitcoin concept; to demonstrate that, far from being low-risk, Bitcoin constitutes a substantial danger in terms of criminal enterprise; and to promote the case for greater awareness among criminal justice professionals and law enforcement officers in particular.
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I think in the presence of bitcoin will reduce unemployment, because searching for bitcoin also requires hard work and creativity, and competitiveness in bitcoin is also high almost similar to work in the real world
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Please stop analysing the price from a markets perspective. Bitcoin has massive infrastructural investment and production costs which are far more important indicators of price.
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I suppose it ultimately comes down to a political one. Libertarians want the opposite world to the one we live in today where bitcoin is a threat.
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Ideally (for me) bitcoin value would never go up or down, but stay stable regardless of how many (or few) users/holders, or what happens to world currencies etc. I doubt this is a fixable property, and I'm sure this will get better with time.
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Maybe Dave Kleiman or Nick Szabo , if in the next 20years Satoshi don't move his btc we can conclude that he lost the keys or he is dead... maybe infinite Hodl  |
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If I were the US Government and had co-opted the "core" Bitcoin dev team, you know what I'd do? I'd encourage ground-up alternate implementations knowing damn well that the kind of people dumb enough to work on them expecting to create a viable competitor anytime soon aren't going to succeed. Every time anyone tried mining with one, I'd use my knowledge of all the ways they are incompatible to fork them, making it clear they can't be trusted for mining. Then I'd go a step further and "for the good of Bitcoin" create a process by which regular soft-forks and hard-forks happened so that Bitcoin can be "improved" in various ways, maybe every six months. Of course, I'd involve those alternate implementations in some IETF-like standards process for show, but all I would have to do to keep them marginalized and the majority of hashing power using the approved official implementation is slip the odd consensus bug into their code; remember how it was recently leaked that the NSA spends $250 million a year on efforts to insert flaws into encryption standards and commercial products. With changes every six months the alts will never keep up. Having accomplished political control, the next step is pushing the development of the Bitcoin core protocol in ways that further my goals, such as scalability solutions that at best allow for auditing, rather waiting until protocols are developed, tested, and accepted by the community that support fully decentralized mining.
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Bitcoin is interesting as a currency because it basically eliminates monetary policy. Though, I don't understand its utility as a post-apocalyptic currency. No electricity = no money. Plus, it seems odd to buy into a currency dictated by computational efficiency when you know corporations like Google probably have some secret CPU up their sleeve.
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You should do your own research because asking that directly in an open forum will only result in trolls swarming all over the place.
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Bitcoin Cash seems to have taken over the mantle of Bitcoin as a secure and borderless digital currency... if one of the others like Dash, IOTA, or a privacy-centric version like ZCash doesn't fill the niche.
So what's left for Bitcoin? Digital gold store-of-value but keeping the "centralized" miners they've been griping about all year? High-fee, low-capacity non-cash? Becoming a banking settlement layer to compete with Ripple?
It seems like the use cases are better represented by BCG, BCH, and XRP.
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